Corus sale, shomi wind down, eat in to Q1 profits at Shaw

CALGARY – The demise of streaming service shomi weighed heavily on first quarter profits at Shaw Communications, which saw net income plunge by almost 60%.For the three month period ended November 30, 2016, Shaw posted net income of $89 million, well below the $218 million reported in Q1 2016, due to a $107 million charge from the wind down of shomi, its joint venture with Rogers Communications. Net income this quarter also reflects a decrease in income from discontinued operations, net of tax, in the amount of $80 million due to the sale of its Corus Media division last year,...